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A competitive firm receives a price of $2 for each unit of output (Q) and must pay $10 an hour to each worker; workers are the only variable input to production. Complete the following table (where MPL is the marginal product of labor, and TR is total revenue)
Find MPL, Price, Value MPL, Wage Rate, TR/hour Total Wages and Profit.
After completing the graph, what is the rule a profit maximizing firm uses to decide how many workers to hire? Therefore how many workers should the firm hire? How much output will the firm produce per hour? How much total revenue will the firm bring in? If fixed costs are zero, how much profit would the firm earn? Is this firm in a long-run equilibrium?
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